Report: Ransomware Payments Fell 35% in 2024

Summary: A recent Chainalysis report indicates a significant drop in cryptocurrency ransomware payments, falling from .25 billion in 2023 to nearly 4 million in 2024, despite an increase in ransomware incidents. This decline is attributed to global law enforcement actions, improved resilience among victims, and changes in the tactics employed by ransomware operators. The study highlights both the effectiveness of collaborative law enforcement efforts and the ever-evolving nature of cyber threats.

Affected: Ransomware operators and victims, global law enforcement agencies

Keypoints :

• Ransomware payments decreased by 35% year-over-year, despite an increase in ransomware events in the latter half of 2024.
• International law enforcement operations, particularly targeting the LockBit ransomware gang, significantly disrupted illegal activities.
• Ransomware operators are shifting from mixers to personal wallets and cross-chain bridges for laundering payments.
• Victim resilience has improved, with more organizations opting not to pay ransoms.
• Emerging ransomware strains continue to challenge law enforcement and cybersecurity efforts.